Right now, people are still watching the games and buying merchandise (I assume, if they're pulling in a $100m profit, that money has to be coming from somewhere). If the team continues to sacrifice success for profit, fans will stop buying merchandise, they'll stop watching the games at all, and the team will lose sponsors. It won't be quick, but that profit will evaporate.

Maybe they won't be the most profitable team ever, but they will still turn a healthy profit, remember the Pirates were having no trouble making ends meet despite 20 or so consecutive losing seasons. Anybody who thinks any pro sports team in America isn't doing AMAZING in the money department is seriously na´ve.